Unexpected, but also unacceptable

Russian invasion's multi-dimensional impact, and India's meek acceptance of the damage done to its economy

The Russian invasion of Ukraine has upended the global recovery from the pandemic. Estimates of global output growth over the coming year have been slashed by almost a percentage point by many forecasters, including the International Monetary Fund (IMF) and the World Bank. The IMF has warned of a further downside of two percentage points if financial market turmoil persists and energy prices spiral higher. China’s Covid-19 scare and associated lockdowns will only intensify this effect; even if the country reopens, until it abandons its “Covid Zero” policy, it will remain vulnerable to harsh closures in response to any further